3AC Attempted to Mislead LayerZero
Kyle Davies, the co-founder of the now-bankrupt crypto fund Three Arrows Capital (3AC), tried convincing LayerZero’s leadership to hand over their entire treasury to the fund just days before declaring bankruptcy. LayerZero Labs CEO Bryan Pellegrino revealed Davies offered enticingly high-interest rates for the deal.
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Kyle Davies, the co-founder of the now-bankrupt crypto fund Three Arrows Capital (3AC), tried convincing LayerZero's leadership to hand over their entire treasury to the fund just days before declaring bankruptcy. LayerZero Labs CEO Bryan Pellegrino revealed Davies offered enticingly high-interest rates for the deal.
Getting liquidated is one thing, lying and exploiting your friends, portcos, and people around you is another,
added the LayerZero CEO.
Pellegrino further explained that Davies was aware of the fund's dire financial situation when he proposed the deal. Although Davies has not commented on these claims, he previously argued that investors were responsible for their losses due to choosing higher-risk funds like 3AC over more conservative options for higher returns.
3AC's other co-founder was previously detained for trying to leave the country without permission and ignoring creditors' demands. He even spent four months in jail, which he described as a positive life experience. Meanwhile, Kyle Davies plans to avoid jail entirely and has expressed no regrets about the fund's collapse.
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